A Deep Dive into the Commodity Supercycle

Commodity | 2 Feb 2026

Executive Summary

A new, broader commodities upcycle may be in its early innings. This cycle appears less concentrated than the China-led boom of the past, with strength across precious metals, base metals, industrial metals, rare earths, lithium and energy.

Infrastructure, electrification and national security are reshaping demand. Data centres, power generation/transmission/storage and resilient supply chains point to structural support for copper and uranium, with rare earths also highlighted amid strategic resource dynamics.

Positioning matters: equity exposure vs. royalties for risk-adjusted access. Regal outlines two approaches: long/short resources (lower net market exposure) and high-conviction long exposure, alongside royalties/streaming for potentially lower volatility and a more direct income linkage to production and commodity prices.

In this episode of the GloryHouse Wealth Management Investment Podcast, Cathy sits down with Charlie Aitken - Group Investment Director at Regal Partners (Regal Funds Management) - to unpack where we may be in the next commodity supercycle—and why today’s drivers look very different from the China-led cycle of the past.

We discuss how scarcity, resource nationalism, AI-driven infrastructure build-outs (data centres), and national security priorities are reshaping supply chains and demand across a broad range of commodities—from precious metals to base metals, industrial metals, uranium, and rare earths.

Key topics covered:

Are we in the early stages of a new commodity supercycle?
Why this cycle may be broader than the last one (beyond iron ore & met coal)
The “new demand engine”: AI, data centres, electrification, and defence spending
Regal’s highest-conviction themes: copper, uranium, rare earths, gold & silver
Gold outlook: drivers strengthening (currency debasement, inflation risk, USD concerns)
How Regal approaches resources via multiple strategies: Resources Long/Short (lower net exposure; relative value across commodities and equities); Resources High Conviction (fully invested; higher net exposure); Resources Royalties & Streaming (income-linked exposure with lower operating/company risk)

Disclaimer

This content is provided for general information and communication purposes only and does not constitute investment advice, an offer, invitation, or recommendation, nor does it constitute personalised financial, legal, tax, or other professional advice. The views expressed are based on information believed to be reliable at the time of publication; however, no representation or warranty is made as to its accuracy, completeness, or currency. Views and opinions may change without notice. GloryHouse Wealth Management is a Corporate Authorised Representative of Mason Stevens Limited (AFSL 230705). Any views expressed are those of GloryHouse Wealth Management and do not necessarily reflect the views of Mason Stevens Limited or its related entities. Any references to asset classes, markets, or investment strategies are for general discussion only and are not intended as recommendations for any individual. All investments involve risk, and past performance is not indicative of future results. Before making any financial or investment decision, you should consider your personal circumstances and seek independent professional advice.